3 Keys to Measuring ROI on Social Media Marketing
by Sophie BujoldThe latest in a series on social media marketing by travel industry consultant Sophie Bujold.
“Yes, but what’s the ROI on social media?”
That’s the question dreaded by many social marketers, and one they hear all the time. But for ROI chasers, social media is an elusive medium, largely because of its fluid and social nature.
Do not despair.
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While it can be hard to answer the ROI question with an exact number – or any number at all – there are other ways to tell if your social media marketing efforts are paying off. You just need to rethink how you measure success, then refocus your efforts.
Here are three keys to judging the success of your social media marketing.
Key #1: Think beyond sales
Unless you are known for your fantastic offers, or you’re a major brand, social channels are not going to generate lots of immediate sales for most travel agents.
So think instead of using social channels as a magnet for attracting customer attention and directing them towards your sales channels – like your website, newsletter and other inquiry generators. Once you start thinking beyond the sale, it’s much easier to track how social media is helping your agency.
Tip: track the traffic
Consider tracking the traffic you generate to specific areas via social media channels. For instance, you could look at your website analytics for traffic coming from Facebook, Twitter, LinkedIn, etc.
You could also set up your newsletter signup form to collect social media subscribers in a group that can be tracked.
From there, you can measure the sales coming in from your website, your newsletter, or whatever else. This will get you closer to an ROI number for social media.
Key #2: Choose the right measurement tools
Even though you want to measure the effects of social media on your business, you don’t have to stick to social media insights and reporting. That’s right. Other tools can also help you judge the impact of your social media marketing.
For instance, your website and blog analytics (you’ve set them up, right?) can tell you about traffic being referred from social channels. And your email metrics can show you who’s signing up via Facebook or a shared link.
Once you know what actions you’d like to measure, you can identify the best measurement tools, whether on social media or not.
Key #3: Measure only what applies
When it comes to measuring online activity, there is a plethora of tools available. If you’re a numbers junkie, you can get lost for hours, days or even months in the information you gather. But for most businesses, this is just not practical.
So don’t worry about tracking metrics that you can’t impact directly with your activities in social. Doing so is a waste of time – and about as useful and overwhelming as watering your lawn when it’s already raining.
Focus instead on measuring numbers that relate directly to your goals and forget the rest. (See sidebar, for specific suggestions.)
It’s all about focus and purpose
As with any marketing, your efforts to measure success will work best when you know exactly what your goals are and where you want to focus. Once you know these things, the rest falls into place quite easily.
Sophie Bujold is a social strategist who helps travel professionals achieve online success. She is the creator of Take Flight With Facebook, a social media FAM trip program that helps you get smart about Facebook marketing. For more insights from Sophie, visit her website and sign up for free weekly email tips.
Resources
Read more of Sophie Bujold’s social media advice in Travel Market Report:
3 Things to Consider When Outsourcing Social Media
Social Media Marketing: How to Get Your Team’s Buy-in
Where to Turn for Quality Social Media Content
